vs
Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($140.6M vs $139.2M, roughly 1.0× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -0.2%, a 35.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (74.9% vs 18.4%). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 19.0%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
ADMA vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $140.6M |
| Net Profit | $49.4M | $-297.0K |
| Gross Margin | 63.8% | 29.2% |
| Operating Margin | 45.1% | 5.5% |
| Net Margin | 35.5% | -0.2% |
| Revenue YoY | 18.4% | 74.9% |
| Net Profit YoY | -55.9% | -5.3% |
| EPS (diluted) | $0.20 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $140.6M | ||
| Q4 25 | $139.2M | $148.3M | ||
| Q3 25 | $134.2M | $135.8M | ||
| Q2 25 | $122.0M | $110.8M | ||
| Q1 25 | $114.8M | $80.4M | ||
| Q4 24 | $117.5M | $107.0M | ||
| Q3 24 | $119.8M | $102.2M | ||
| Q2 24 | $107.2M | $99.2M |
| Q1 26 | — | $-297.0K | ||
| Q4 25 | $49.4M | $8.1M | ||
| Q3 25 | $36.4M | $11.9M | ||
| Q2 25 | $34.2M | $13.9M | ||
| Q1 25 | $26.9M | $-282.0K | ||
| Q4 24 | $111.9M | $7.8M | ||
| Q3 24 | $35.9M | $-267.0K | ||
| Q2 24 | $32.1M | $11.8M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | 63.8% | 31.6% | ||
| Q3 25 | 56.3% | 37.0% | ||
| Q2 25 | 55.1% | 37.2% | ||
| Q1 25 | 53.2% | 35.0% | ||
| Q4 24 | 53.9% | 37.6% | ||
| Q3 24 | 49.8% | 24.8% | ||
| Q2 24 | 53.6% | 40.3% |
| Q1 26 | — | 5.5% | ||
| Q4 25 | 45.1% | 11.7% | ||
| Q3 25 | 38.0% | 13.7% | ||
| Q2 25 | 35.1% | 14.4% | ||
| Q1 25 | 30.4% | 5.4% | ||
| Q4 24 | 32.6% | 15.4% | ||
| Q3 24 | 33.1% | 4.4% | ||
| Q2 24 | 36.6% | 18.7% |
| Q1 26 | — | -0.2% | ||
| Q4 25 | 35.5% | 5.5% | ||
| Q3 25 | 27.1% | 8.7% | ||
| Q2 25 | 28.1% | 12.5% | ||
| Q1 25 | 23.4% | -0.4% | ||
| Q4 24 | 95.2% | 7.3% | ||
| Q3 24 | 30.0% | -0.3% | ||
| Q2 24 | 29.9% | 11.9% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.20 | $0.05 | ||
| Q3 25 | $0.15 | $0.07 | ||
| Q2 25 | $0.14 | $0.08 | ||
| Q1 25 | $0.11 | $0.00 | ||
| Q4 24 | $0.45 | $0.04 | ||
| Q3 24 | $0.15 | $0.00 | ||
| Q2 24 | $0.13 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $1.9M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $601.6M |
| Total Assets | $624.2M | $1.0B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.9M | ||
| Q4 25 | $87.6M | $7.3M | ||
| Q3 25 | $61.4M | $8.6M | ||
| Q2 25 | $90.3M | $4.7M | ||
| Q1 25 | $71.6M | $35.6M | ||
| Q4 24 | $103.1M | $23.5M | ||
| Q3 24 | $86.7M | $11.1M | ||
| Q2 24 | $88.2M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $72.3M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | — | $601.6M | ||
| Q4 25 | $477.3M | $600.0M | ||
| Q3 25 | $431.2M | $589.6M | ||
| Q2 25 | $398.3M | $575.4M | ||
| Q1 25 | $373.4M | $558.9M | ||
| Q4 24 | $349.0M | $556.8M | ||
| Q3 24 | $231.9M | $545.2M | ||
| Q2 24 | $188.3M | $544.6M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $624.2M | $904.1M | ||
| Q3 25 | $568.7M | $851.8M | ||
| Q2 25 | $558.4M | $795.0M | ||
| Q1 25 | $510.6M | $788.4M | ||
| Q4 24 | $488.7M | $793.1M | ||
| Q3 24 | $390.6M | $801.3M | ||
| Q2 24 | $376.4M | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.21× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.6M | — |
| Free Cash FlowOCF − Capex | $34.6M | — |
| FCF MarginFCF / Revenue | 24.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $35.6M | $-4.1M | ||
| Q3 25 | $13.3M | $19.4M | ||
| Q2 25 | $21.1M | $-13.8M | ||
| Q1 25 | $-19.7M | $15.6M | ||
| Q4 24 | $50.2M | $14.0M | ||
| Q3 24 | $25.0M | $15.7M | ||
| Q2 24 | $45.6M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $34.6M | $-11.3M | ||
| Q3 25 | $-1.1M | $9.0M | ||
| Q2 25 | $18.7M | $-26.0M | ||
| Q1 25 | $-24.4M | $12.3M | ||
| Q4 24 | $47.5M | $12.5M | ||
| Q3 24 | $24.0M | $13.3M | ||
| Q2 24 | $43.6M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 24.8% | -7.6% | ||
| Q3 25 | -0.8% | 6.6% | ||
| Q2 25 | 15.3% | -23.5% | ||
| Q1 25 | -21.2% | 15.4% | ||
| Q4 24 | 40.4% | 11.6% | ||
| Q3 24 | 20.0% | 13.0% | ||
| Q2 24 | 40.7% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 4.8% | ||
| Q3 25 | 10.7% | 7.7% | ||
| Q2 25 | 2.0% | 11.0% | ||
| Q1 25 | 4.1% | 4.0% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | 1.9% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | -0.50× | ||
| Q3 25 | 0.36× | 1.63× | ||
| Q2 25 | 0.62× | -1.00× | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | 1.79× | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
SHLS
Segment breakdown not available.
